Jaguar Land Rover has been handed a £500m government loan to make the next generation of electric cars.
Prime Minister Theresa May made the announcement at Downing Street on Monday, where she said the loan guarantee would support the company - the country's biggest carmaker - design and manufacture the next generation of electric vehicles, and export it.
The news came at a roundtable event hosted by the outgoing PM, which included bosses of firms such as BMW, Nissan and Vauxhall, with Mrs May calling for the UK to stay at the "forefront" of the design and manufacturing of electric vehicles.
At the event, representatives also discussed that as well as having long term consistent incentives and the right charging infrastructure in place to drive up demand for electric vehicles, the UK should build on its strengths in the development of next generation battery technology.
Jaguar Land Rover, recently announced it is to build its new electric XJ car at its plant in Castle Bromwich, West Midlands, news that meant securing jobs for thousands of people.
Attendees at the event also agreed to establish a Green Mobility Transition Board which for the first time will formally bring together government, industry and environmental groups to coordinate efforts to speed up the adoption of ultra-low emission vehicles while making progress on our ambitions to tackle climate change and further improve air quality.
According to the PM's office, her Industrial, Manufacturing and Infrastructure Business Council will work closely with representatives across the relevant sectors to scope out the exact terms of reference and members over the coming weeks.
Business Secretary Greg Clark and Transport Secretary Chris Grayling also attended the meeting.
